Banking & FinanceFinanceInFocusTaxation

Direct Tax Refunds of Worth Rs 1.37 lakh Cr Issued in FY21

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The Central Board of Direct Taxes (CBDT) has issued refunds of nearly Rs 1.37 lakh crore to over 41.25 lakh taxpayers so far in the financial year 2020-21.

The total refund amount includes Rs 36,028 crore of income tax refunds and over Rs 1 lakh crore as refunds on corporate tax, the Income Tax Department said in a tweet on Wednesday.

“CBDT issues refunds of over Rs 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April, 2020 to 24th November, 2020. Income tax refunds of Rs 36,028 crore have been issued in 39,28,067 cases & corporate tax refunds of Rs 1,00,934 crore have been issued in 1,96,880 cases,” it said.

The Finance Ministry had earlier said that in view of the issues arising out of the coronavirus pandemic, emphasis was on release of all refunds in the earliest possible time.

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